London to become Chinese currency trading center

London will become the first center outside Asia in which investors will be able to clear and settle Chinese renminbi trades.

The major boost to the City came after the Treasury said Britain and China would next week sign an agreement opening the way to much greater volumes of renminbi-denominated trading in the UK.

The Bank of England and the People's Bank of China, China's central bank, will on Monday finalize a memorandum of understanding that will pave the way to the appointment of a London-based clearing bank for renminbi trading. ...

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